Whale Closes $100M ETH Short, Opens $13.4M 20x BTC Long
A pseudonymous whale closed a $100M ether short for a $260,000 loss and opened a 20x, $13.43M long on 175.04 BTC near $76,662, with liquidation roughly 5% away.
A pseudonymous on-chain trader closed an approximately $100 million short position in ether on May 26, recording a $260,000 loss, and later the same day opened a 20x leveraged long on 175.04 bitcoin. The bitcoin long was entered at about $76,662 per coin, valuing the position at about $13.43 million.
On-chain records show ether trading near $2,090.55 and bitcoin near $76,662 at the time of the transactions. The $260,000 loss on the $100 million short equals roughly a 0.26% drawdown, indicating the short was closed close to its original entry price rather than after a large adverse move.
The new bitcoin position uses 20x leverage. At that leverage level, the position faces liquidation if bitcoin falls about 5% from the entry price, exposing the wallet to rapid liquidation on relatively small adverse price moves.
Bitcoin remained above $76,000 in the period surrounding the trades. Exchange-traded products tied to bitcoin recorded $1.26 billion in net outflows during the week of May 18–22, 2026, while some other crypto products recorded inflows.
Public figures in the crypto sector have made large year-end forecasts for bitcoin. Michael Saylor projects bitcoin could surpass $1 million by year-end, and Arthur Hayes projects a target near $125,000 for the same period.
On-chain analysts and traders identified the sequence of closing a large ether short and opening a concentrated, highly leveraged bitcoin long as a notable repositioning by a single wallet. Whether the position holds or is liquidated will depend on bitcoin price movement in the coming days.
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